XRP price is currently consolidating below $0.4850 and the 100-hour Simple Moving Average, indicating that bears are dominating the market.
The regulatory challenges facing XRP are still prominent, as highlighted by lawyer Fred Rispoli, who pointed out inconsistencies in XRP’s legal status across different states.
Despite attempting a recovery above the $0.4820 resistance zone, the XRP price faced strong selling pressure near the $0.4880 resistance zone, leading to a decline. The price dropped below $0.4850 and $0.4800 levels, testing support at $0.4720 before forming a low at $0.4722.
The selling pressure on XRP continues, with legal hurdles adding to the ongoing battle between Ripple and the SEC.
In the event of a potential increase, the price may face resistance near $0.4765 or the 23.6% Fib retracement level. Currently trading at $0.4764, XRP is down 1.95% with a market cap of $26.5 billion and a significant increase in daily trading volume.
Major resistance levels lie near $0.4810 and $0.4820, with a bearish trend line forming on the hourly chart. Despite the selling pressure, the XRP Ledger AMM has shown healthy growth, with total-value-locked (TVL) increasing by 51%.
A breakthrough above the $0.4820 resistance could push the price towards $0.4880 and potentially reach $0.50. Failure to break the resistance may lead to a downward trend, with initial support at $0.4720 and major support at $0.4650.
The uncertainty surrounding XRP’s legal status continues, with concerns raised about inconsistencies in different states. Despite dismissing some claims against Ripple, the debate over XRP’s classification as a security remains unresolved.
Investors are eagerly awaiting the resolution of the Ripple vs. SEC lawsuit, with a final settlement expected by year-end.
